Through Money Minders, volunteers are matched with an older adult who needs help establishing and maintaining a monthly budget, ensuring bills get paid accurately and on time. Money Minders also help people avoid over drafting their bank accounts, financial fraud and scams.
Are you 55 or older and finding managing your finances is becoming difficult? Have you had to start paying the bills for the first time ever, or paid a bill twice? Maybe you have started receiving late notices, spending more than you have, or are just feeling overwhelmed by bills. Spectrum Generations can help.
Spectrum Generations offers the Money Minders program to qualified seniors in central Maine (Kennebec, Somerset, Waldo, Knox, or Lincoln, or Sagadahoc County, including Brunswick and the Harpswells.)
To be eligible for the Money Minders program at no fee you must be 55 and older, have a low to moderate annual income of $33,700 or less is single, or $38,550 for couples, and liquid assets of less than $50,000. Liquid Assets means cash assets, such as bank accounts (savings, CDs, money market funds), but do not include real property, such as houses or cars or Retirement Accounts. The person being served must be competent and able to make ALL financial decisions about the handling of their money, sign their own checks and keep full control of their bank accounts and other assets.
We also offer the program on a fee for service basis If you exceed the above eligibility standards and still require help. You must be 55 and older and have an annual income of $45,000 or less if single, or $55,000 or less for couples, and no more than $100,000 in liquid assets.
If any of the above apply to you, or if you are interested in becoming a Money Minder Volunteer contact us at 207-622-9212.
Consumer Financial Protection Bureau (CFPB)
CFPB's mission is to make markets for consumer financial services work for all Americans. Please use this link if you have concerns about applying for a mortgage, choosing a credit card, or any other financial product.